China gas station, charging pile platform Newlink secures $133m
Newlink Group, the operator of a China-based platform that helps drivers locate the best-value gas stations and charging piles, has raised CNY 900m (USD 133m) through a series of financing rounds involving three subsidiaries.
The Newlink unit that focuses on charging piles and serves new energy vehicles was rebranded as NaaS Technology and listed on NASDAQ last June through a reverse merger. Its stock was up 68% as of year-end 2022. NaaS raised USD 30m in November through a private placement to an unnamed institutional investor.
NewLink Corporate Solutions, which provides energy management services to the likes of Xiaomi, China Express, and China Merchants Bank, secured CNY 400m in funding, while a third subsidiary focused on gas station digitalisation raised CNY 300m.
Newlink established the digitalisation platform as a stand-alone business in 2021. It looks to convert independent gas stations into Newlink-branded comprehensive consumption hubs that offer not only re-fuelling, charging and swapping services but also convenience stores, maintenance, and catering. KFC opened an outlet at a hub in Beijing in 2021.
Newlink has received multiple rounds of private funding. In January 2022, CR Capital Management, an investment arm of China Resources Group, agreed to support the company's Series E round. This followed commitments of CNY 2bn led by China Merchants Capital, USD 200m led by Bain Capital, and USD 100m from CMB International in 2021. Earlier investors include CICC Capital and GSR United.
The company launched in 2016 with two core products: Tuanyou, which specializes in fossil fuels and was linked to more than 23,000 gas stations (20% of China's total) as of late 2021; and Kuaidian, which focuses on electric vehicle charging and was linked to 700,000 charging piles (90% of the national total) as of 2021.
A logistics unit was subsequently introduced, for which Newlink raised funding separately. It connects refineries, chemical plants, oil depots, and petrol stations to realize one-click oil ordering and transportation.
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